Baldini is keen to bring in reinforcements this month, despite Tim Sherwood's reintroduction of Emmanuel Adebayor into the Spurs first-team.
Defoe, 31, is set to move to MLS side Toronto after he was offered a £90,000-a-week deal by former-Tottenham defender turned Toronto manager, Ryan Nelson.
Hull City are also interested in the England international, but Toronto are expected to win the race.
But with Defoe set to depart, Tottenham want to make sure they remain well-stocked up front.
New signing Roberto Soldado has not been setting the world alight at White Hart Lane, and Baldini is keen to bring in extra competition in the January transfer window.
It's often a tricky time to do business, but Vucinic and Quagliarella have been targeted as neither has been playing regular football for the Italian league leaders.
They've made just seven league starts between them this season, and the report claims Juventus would consider selling one or both with Carlos Tevez and Fernando Llorente the main duo.
Spurs may look to bring one in on loan having spent big money on transfers over the summer.